Marine Link
Monday, January 22, 2018

End Results News

Drewry Questions Viability of ‘Megaships’

Photo: Maersk Line

Drewry Maritime Advisors  say that the trend of “big ship obsession” may soon come to an end. The three largest carriers in the world – Maersk Line, MSC and CMA CGM – extended their dominance by taking on the most capacity, while the five leading carriers between them accepted two-thirds of all the new capacity. The desire for mega-ships is logical for individual carriers “but the impact on the industry at large has been disastrous with rock-bottom freight rates that we’re seeing now the end result,” says the London-based consultancy.

Royal Olympic Cruises Expects Cancellations to Affect Year End Results

Royal Olympic Cruise Lines Inc. reported that significant booking cancellations aboard its cruise vessels for the remainder of the year will adversely affect its final results for 2001. The cancellations follow the tragic attacks on New York and Washington DC on September 11, 2001. CEO of Royal Olympic Cruise Lines, Yiannos Pantazis, stated, "A large number of the passengers travelling with us in September and October are from the United States and unfortunately, since September 11, many have chosen not to travel abroad. The cancelled bookings will have a serious negative impact on the fourth quarter and, consequently, the year-end numbers will show a higher loss than previously expected. $0.85 per share.

TOP Tankers to Announce 4Q Results

TOP Tankers Inc announced plans to release its fourth quarter and 2005 year-end results on February 27 at 7:35 AM EST. The company's management will host a conference call to review the results and discuss other corporate news and its outlook that same day at 11:00 AM EST. Participants should dial into the call 10-15 minutes before the scheduled time using the following numbers: 877 407 8035 (from the US and Canada) or +1 201 689 8035 (from outside the US and Canada). A live webcast of the conference call will also be accessible via the Internet.

Costa Favolosa Calls Dubai

Costa Cruises opened its sixth season in the Emirates  with the inaugural call in Dubai of the flagship Costa Favolosa. A welcoming ceremony has celebrated the first arrival of the flagship at the port, at the presence  of  Awah Al Ketbi, CEO of AL Ketbi Consultancy, the company which is running Costa representative office in Dubai, and Captain Mauro Muratore, joined by government officials and VIP Guests from DTCM (Dubai Department of Tourism and Commerce Marketing), tourism and maritime sectors. The Costa Favolosa (114,500 gross tonnage and 3,800 total Guests) is the largest and most advanced ship ever deployed in the Emirates, a cruise destination offered by Costa for the first time in the world back in 2006.

SeaWave Introduces Integrator 3.0i

SeaWave LLC, a wireless communications company serving the maritime industry, is proud to announce its most recent addition to the Integrator product line, the Integrator 3.0i. The Integrator 3.0i features a built-in Iridium voice and data modem that allows any vessel to combine Integrator’s Least Cost Routing and SeaWave’s signature Throughput Technology with the low cost service fees of the Iridium constellation creating a low cost, highly available communications system. The Integrator 3.0i’s state-of-the-art technology may be installed as a stand alone system or combined to leverage your customer’s existing communications system into one least cost routing network. The end result is the most powerful and affordable communication service available.

MN 100: Gencorp Insurance Group

CEO/President: Robert G. Gencorp Insurance Group provides the insurance and surety needs of marine contractors, vessel operators and shipyards throughout the country and Caribbean. Gencorp’s Marine Group facilitates the coverage placement and claims settlement for all insureds, utilizing a team that has a maritime academy background or professional waterfront experience. Ask any group of owners to design and build a full service insurance brokerage with all of the services and resources that they demand – the end result would mirror the Gencorp organization…

MN 100: Gencorp Insurance Group

Gencorp Insurance Group provides the Insurance and Surety needs of Marine Contractors, Vessel Operators and Shipyards throughout the country and Caribbean. Gencorp’s Marine Group facilitates the coverage placement and claims settlement for all insureds, utilizing a team that has a Maritime Academy background or professional waterfront experience. Ask any group of Owners to design and build a full service insurance brokerage with all of the services and resources that they demand – the end result would mirror the Gencorp organization…

ACL to Offer Coast Guard-Approved Training Program

American Commercial Lines Inc. (ACL) announced that it will offer the nation's first Inland River Pre-License Steersman training program in partnership with Northeast Maritime Institute of Fairhaven, Massachusetts. On August 31, 2006, the United States Coast Guard approved the new Inland River Pre-Steersman training program. This program can shorten the total time of license eligibility for Apprentice Mate (the first stage in the licensing process of a professional mariner) by approximately 50%. The\ program includes classroom, simulator and sea time. The new program will initially be offered only to ACL employees. ACL and Northeast Maritime Institute are currently working on the next phase of the program which may further shorten the remaining licensing period.

N. American ECA May Tighten Supply of Distillate Fuel

The primary concern associated with the implementation of the new ECA specs has been the cost involved with moving to low sulfur fuel oil as less and less LSFO is being produced. However, market sources say, the spec change has also had suppliers carrying more types of bunker fuel, including cheaper-to-make RMK 500 selections, which has begun to put pressure on existing infrastructure. "No new tanks are being built for bunkers, so any tankage will be cannibalized from other products," explained a fuel oil trader who trades in both the Gulf Coast and Atlantic Coast. The end result will be that working inventory of 3.5%S RMG 380 will fall as tank space is taken to make room for needed volumes of 1%S RMG 380, another fuel oil trader who trades on both coasts said.

Kawasaki Inaugurates Gulf Of Mexico Service

Kawasaki Heavy Industries has expanded with the addition of a new service center to its worldwide network for marine machinery. Established in the New Orleans area to support Kawasaki's marine propulsion systems, the new operation is end result of an agreement with AmClyde Engineered Products Company - to utilize AmClyde's parts and service center in Covington, La. Kawasaki supplied a set of four propulsion thrusters for Tidewater's ROV support vessel Nautical Tide. The equipment package was comprised of two azimuth thrusters for main propulsion, one tunnel bow thruster and one retractable azimuth bow thruster. The vessel was constructed at Yantai-Raffles Shipyard in China under subcontract from the company's U.S.-based partner - Friede Goldman Halter.

ACL Announces Approval of Training Program

American Commercial Lines Inc. (ACL) has received United States Coast Guard approval of the nation’s first inland river accelerated pilot license training program in partnership with Northeast Maritime Institute of Fairhaven, Mass. On November 15, 2007 the United States Coast Guard approved a new Mate (Pilot) training program. This program can shorten the total time of license eligibility for Mate (the second and final stage in the licensing process of a professional mariner) by approximately 50%. The program includes classroom, simulator and sea time. The end result will be that a person who is new to the industry can achieve the rank of Full Mate in approximately 30-36 months, as opposed to the current five to six year licensing period.

Ericsson Maritime Platform Targets Shipping Connectivity

Ericsson eyes shipping industry

To tap the potential of shipping industry, Ericsson launched its Maritime ICT Cloud platform designed to provide an end-to-end solution targeting connectivity and tracking needs for the maritime industry. The Swedish telecom giant Ericsson launched Maritime ICT Cloud services for the shipping industry. Maritime ICT Cloud includes a communication platform with optimized connectivity and bandwidth for different types of traffic. The "Maritime ICT Cloud”, mainly supporting logistical operations…

MHI, NEC Collaborate for Energy Demand Forecast

"Energy Demand Forecast System for Ships," Enabling Energy Savings During Operations at Sea Based on Precise Projections. Mitsubishi Heavy Industries, Ltd. (MHI) and NEC Corporation will collaborate in the development of an "Energy Demand Forecast System for Ships" applying NEC's big data analysis technologies to achieve energy savings during ship navigation. Plans call for MHI to begin marketing the system by the end of the 2014 fiscal year ending March 2015. The Energy Demand Forecast System for Ships is to be jointly developed integrating MHI and NEC's respective technologies and knowhow.

Energy Demand Forecast System for Ships is on the Stocks

Mitsubishi Heavy Industries, Ltd. (MHI) and NEC Corporation are to collaborate in the development of an "Energy Demand Forecast System for Ships" applying NEC's big data analysis technologies to achieve ship navigation energy savings. Plans call for MHI to begin marketing the system by the end of the 2014 fiscal year ending March 2015. The new system will project future energy demand based on previously collected data relating to ships' energy consumption, weather patterns, ambient air temperature, time of day, etc. Its forecasting technology will use NEC's heterogeneous mixture learning technologies, i.e. technologies that automatically detect massive patterns hidden in big data, discover useful patterns, and automatically switch reference rules according to the analyzed data.

U.S., Ghana Complete AMLEP 2015

A Ghanaian military member stands by as the Military Sealift Command’s joint high-speed vessel USNS Spearhead (JHSV 1) moors at Sekondi Naval Base, Ghana, after completing Africa Maritime Law Enforcement Partnership operations Feb. 24, 2015. Spearhead is on a scheduled deployment to the U.S. 6th Fleet area of operations in support of the international collaborative capacity-building program Africa Partnership Station. (U.S. Navy photo by Lt. Adam Cole/Released)

U.S. and Ghanaian and maritime forces completed Africa Maritime Law Enforcement Partnership (AMLEP) 2015 operations, Feb. 24, 2015. The Military Sealift Command’s joint high-speed vessel USNS Spearhead (JHSV 1) and an embarked combined law enforcement detachment (LEDET), working in tandem with Ghanaian navy’s Western Naval Command Maritime Operations Center (MOC) and patrol vessels, were able to detect three vessels that were violating Ghanaian maritime law and cite them for follow-on judicial action. The combined Ghana-U.S.

Subsea Seismic Survey Fleet Breaks Records

Seismic Survey Vessel Oceanic Vega: Photo credit CGG

CGG claim its new fleet, with the addition of four vessels from its newly acquired Fugro Geoscience, has set two new industry records. Through its proprietary ground-breaking StagSeisTM survey configuration, CGG can claim the record for deploying the longest offsets in the industry for a full-azimuth (FAZ) multi-vessel survey. For the recent multi-client ‘IBALT’ survey in the Gulf of Mexico, offsets were a record-breaking 18km. StagSeisTM data are acquired using multiple vessels with an innovative staggered configuration…

Container Volumes zoom at Virginia Port

Details Courtesy Port of Virginia

The Port of Virginia moved 228,516 twenty-foot equivalent units (TEUs) in January, setting a new volume mark for the month, growing volume by 18.5 percent when compared with last January and pushing the fiscal-year-to-date growth to 8 percent.The port handled the heavy volume despite two lost workdays in January that were the result of a heavy snow at the start of the month. The continued growth comes as the port prepares to begin work on its three-year capacity expansion plan at Virginia International Gateway (VIG) and Norfolk International Terminals.

Bibby Offshore Scoops Two Business Awards

Howard Woodcock (Photo courtesy of Bibby Offshore)

Bibby Offshore, a provider of subsea installation, inspection, repair and maintenance services to the offshore oil and gas industry, has been recognized at the 2014 Northern Star Business Awards winning in the categories Commitment to People Development and Outstanding Contribution to the Energy Sector. The awards were announced September 25 at the AECC. The Commitment to People Development award recognizes the company that has shown the most commitment to developing its staff through skills and personal development, investment and achievement programs and outcomes.

MC Shipping Announces Year End Results

MC Shipping Inc. said net income for the year ended December 31, 2003 was a record $3,091,155 or $0.37 per share, compared to a net income of $2,241,906 or $0.27 per share in 2002. The Company's earnings before interest, taxes, depreciation and amortization (EBITDA) were approximately $20.1 million and the ratio of EBITDA to interest expense was approximately 4.1 for the year ended December 31, 2003. In 2002, EBITDA was approximately $20.0 million and the ratio of EBITDA to interest expense was approximately 3.1. EBITDA is defined by the Company as Net Income before income taxes, interest, depreciation and amortization and provision for impairment loss. Total revenues (excluding interest income) in 2003 were $35,797,522 compared to $41,858,999 in 2002.

Halter Marine Group Anounces 4Q,Year-End Results

Halter Marine Group, Inc. announced the company's net income for the quarter ended March 31, 1999 was $1.5 million on revenue of $238.3 million. This compares to net income of $539,000 on revenue of $189.4 million in the fourth quarter of fiscal 1998. For the fiscal year ended March 31, 1999, the company reported net income of $13.3 million on revenue of $998.1 million. For fiscal 1998, Halter Marine Group reported net income of $22.5 million on revenue of $670.2 million. Gross profit margins for the company's vessels, rigs and engineered products segments were 8.1 percent, 0.6 percent, and 20.3 percent, respectively, for the fourth quarter.

Amphibious Operations a Joint Effort

Royal Australian Navy

Staff from Brisbane-based 1st Division/Deployable Joint Force Headquarters joined other Defence representatives for an amphibious force staff exercise in Townsville in October. Conducted by the Amphibious Task Group, the exercise provided an opportunity for personnel representing the key enablers of Australia’s amphibious capability to discuss the future. Joining in were personnel from HMA Ships Canberra, Adelaide and Choules, Army's Forces Command and 3rd Brigade, Director General – Land, Maritime Operations, 5th Aviation Regiment and Combat Training Centre.

Sanmar Delivers Two ASD Tugs

Two new Sanmar Bogacay Class ASD tugs, both second vessels of their power range are delivered to their owners. Rimorchiatori Riuniti took delivery in Genoa, Italy, of RR Turchia (Bogacay 702), a Bogacay Class 70 tonne bollard pull ASD built in Sanmar’s state-of-the-art shipyard at Tuzla, Turkey. Although the vessel was completed in under three months from the date of order, the origins of the class go back to the builder’s earlier discussions with the Italian customer and designer Robert Allan Ltd with the express intent of meeting that owner’s specific needs.

Bioremediation Products Demonstrated to USCG

The U.S. Coast Guard recently received a demonstration of two Spillaway brand bio-remediation products, which contain live bacteria or spores that "eat" oil and fuel. Spillaway products are distributed by MEM International. Bio-remediation uses naturally occurring microorganisms to degrade harmful chemicals into non-toxic compounds. Microorganisms break down a wide variety of organic compounds that are found in nature to obtain energy for their growth. In particular, these organisms will break down petroleum hydrocarbons and transform them into carbon dioxide and water. Bio-remediation harnesses this natural process by promoting the growth of microorganisms that can degrade contaminants and convert them into non-toxic by-products. The bio-remediation process is natural.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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